For starters, we can assume the network will be built with Chinese hardware. There goes any hope of keeping any commercial information that flows across that network secret.
We know Kevin wants to import a few hundred thousand coolies - they will be coming to a street near you before long, armed with picks and shovels and digging up your street to lay a Chinese made fibre. Prepare for your footpath to look like the trench system of a North Korean hillside.
Who is going to design and run the network? I can tell you right now, there is a big shortage of competent network engineers in Australia. All the carriers are suffering from a lack of people with smarts and experience. This new network, which will presumably have the same recruitment, payroll and HR policies of the old Postmaster General's department, will be lucky to pick up the cast offs and dead wood from the existing carriers. This network will be built by the losers, deadbeats, sickie-merchants, pilferers and ex-public sector workshy boneheads that Telstra has spent the last decade getting rid of.
Yes, it will be Telstra Mark II - except it will provide the service levels of Telecom, circa 1974.